News Coronavirus watch01 Dec 2020

Algeria:Insurers study creation of insurance scheme for pandemic risks

| 01 Dec 2020

The Algerian insurance sector and the authorities are looking at creating a new insurance scheme to cover COVID-19 and other pandemic risks.

The main objective of this initiative is to support companies and entrepreneurs hit hard by the coronavirus crisis and to avoid the resultant devastating socio-economic effects, reported Financial Afrik.

The Algerian Union of Insurance Companies (UAR) has formed a think tank that is studying the possibility of creating insurance cover for health disasters such as COVID-19.

Mr Youcef Benmicia, UAR president, says that the think tank will draw inspiration from the Nat CAT insurance system set up in Algeria, with a view to pooling the costs of covering the risks.


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